Medallion Bank preferred stock offering
The preferred stock is listed on the Nasdaq Capital Market
Davis Polk advised the underwriters in connection with Medallion Bank’s offering of 3,100,000 shares of fixed-rate reset non-cumulative perpetual preferred stock, Series G, with an aggregate liquidation amount of $77.5 million. The Series G preferred stock is listed on the Nasdaq Capital Market under the ticker symbol “MBNKO.”
Medallion Bank is a Utah-chartered, FDIC-insured industrial bank headquartered in Salt Lake City, Utah. It specializes in providing consumer loans through dealers and financial service providers for the purchase of recreation products, such as recreational vehicles and boats, and through contractors and financial service providers for the purchase of home improvements, such as replacement windows and roofs. The bank also provides loan origination services to fintech partners.
The Davis Polk capital markets team included partner Shane Tintle and associates Steven Glendon and Kira Z. Horowitz. The financial institutions team included partner David L. Portilla and associates Justin Levine and Billy Hicks. The tax team included counsel Yixuan Long and associate Ted Lee. All members of the Davis Polk team are based in the New York office.